FDIC insurance limitations: Federal Deposit Insurance is limited to $250,000 for many account holders in insured financial institutions. Using a Sweep Account can protect funds above the FDIC insurance limits.

Choices of Sweep Accounts

Sweep Type

FDIC

Funds at SCB

Specific Collateral

Repurchase Agreement

No

Yes

Yes

Insured Cash Sweep

Yes

No

No

Goldman Sachs Treasury Fund

No

No

U.S. Treasury Obligations

1. Repurchase Agreement: Collateralized transactions within South Central Bank where your overnight transaction is secured by a specific U.S. Federal Agency bond, guaranteed by the U.S. government, held in safekeeping for South Central Bank.

2. Insured Cash Sweep: ICS Insured Cash Sweep is a product managed by Promontory Financial, providing multi-million dollar FDIC protection through a network of over 3,000 select FDIC Insured U.S. banks. Your deposit at any bank in the network is always under the $250,000 FDIC limit.

3. Goldman Sachs Financial Square Treasury Investments Fund: The Fund pursues its investment objective by investing only in U.S. Treasury Obligations. The Fund intends to be a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940.

The Target Balance: After covering expected activity charges during the month, the bank or bank customer adjust the target balance to an amount adequate to eliminate/reduce a monthly service charge. Account activity/charges and the earnings credit vary monthly for any account, so this may require additional adjustment over time.

How do you apply for a sweep account?

The next time you’re in one of our locations, simply ask a personal banker for more information about the options for your sweep account, or contact us.

When applying for a sweep account, you will be asked to sign an agreement authorizing South Central Bank to transfer funds between your checking account and the sweep account.

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